The federal government-funded National Reconstruction Fund Corporation (NRFC) has led a $50 million investment round for Adelaide-based satellite telecommunications company Myriota.
The NRFC has committed $25 million to the round. Myriota will use the new capital to further develop its technology and scale up its local manufacturing of hardware for export. This will involve increasing the company’s workforce to around 100, with most working in Adelaide.
Myriota’s technology provides satellite communication links for low power internet of things (IoT) devices enabling remote control of equipment and sensing in areas where there is no internet. The market for this type of technology is expected to multiply tenfold over the next decade.
Myriota’s technology is already being used for monitoring livestock, crops, mining, water supplies and national borders.
NRFC chair Martijn Wilder said: “Data is one of the most valuable commodities for any modern business. Myriota’s solutions provide businesses with crucial data from infrastructure located in remote and regional areas, saving time and money and giving them the valuable insights they need to improve productivity and efficiency. Myriota’s experience with offering connectivity that bridges the vast distances in regional Australia make it uniquely positioned to export its hardware and technology to the rest of the world.”
NRFC chief investment officer Dr Mary Manning said Myriota added to a portfolio of NRF investments in the priority area of “enabling capabilities”. She expected the investment to provide momentum for Myriota to attract further private capital and continue growing.
Myriota chief executive Ben Cade said: “The internet of things has been revolutionary in providing businesses, government and society at large with crucial information to better manage critical resources and assets. Unlike connectivity for mobile phones and the smart home, enabling mobile and remote IoT applications means we need to light up the 85% of the world not covered by traditional cell towers.”
“Myriota is redefining the capability and scale of IoT using the global reach of space, and in so doing, force-multiplying its positive impact to industry and society alike.”
The federal government has committed $15 billion to the National Reconstruction Fund to be invested using equity investments, direct loans and loan guarantees.
Image: A Myriota device set up to remotely monitor tank water for livestock.